Friends,
If proprietor withdraws Interest on His Capital in the proprietory concern then what will be the position as far as Income Tax is concerned?
Thanks & regards
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Interest withdrawn by proprietor on capital
Replies (3)
The interest will be disallowed under income tax act.
interest from proprietor's own business :) what is the purpose?
he will have to add the same again in net profit back at the time of filing the return.
IT WILL BE DISALLOWED
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